AEterna Zentaris Receives US$10 Million from Institutional Investors

QUEBEC CITY, June 24 /PRNewswire-FirstCall/ - AEterna Zentaris Inc. (NASDAQ:
AEZS; TSX: AEZ), a global biopharmaceutical company focused on endocrine
therapy and oncology, announced today that it has completed its previously
announced registered direct offering of US$10 million of units comprised of
common shares and common share purchase warrants to certain institutional
investors. AEterna Zentaris received net proceeds of approximately US$9.25
million after deducting placement agent fees and other offering expenses. All
of the common shares and warrants were offered pursuant to an effective shelf
registration statement. Proceeds from the transaction will be used for general
corporate purposes, including clinical development of the Company's leading
oncology and endocrinology compounds.
Dr. Juergen Engel, Ph. D., President and CEO of AEterna Zentaris stated, "We
are very pleased with this vote of confidence from targeted specialized
institutional investors. In addition, completing this financing provides us
with additional funds that will help us to further strengthen our promising
oncology pipeline."
As of June 24, 2009 and after issuing 5,319,149 common shares at the closing
of the offering, the Company had 58,506,619 common shares issued and
outstanding.
A shelf registration statement relating to the common shares and warrants
issued in the offering (and the common shares issuable upon exercise of the
warrants) has been filed with the Securities and Exchange Commission (the
"SEC") and has been declared effective. A prospectus supplement relating to
the offering was filed with the SEC. Copies of the prospectus supplement and
accompanying prospectus may be obtained directly from AEterna Zentaris Inc.,
1405 du Parc-Technologique Boulevard, Quebec City, Canada G1P 4P5. This
announcement is neither an offer to sell nor a solicitation of an offer to buy
any of AEterna Zentaris' common shares or warrants. No offer, solicitation or
sale will be made in any jurisdiction in which such offer, solicitation or
sale is unlawful.
Rodman & Renshaw, LLC, a subsidiary of Rodman & Renshaw Capital Group, Inc.,
(Nasdaq: RODM), acted as the exclusive placement agent for the transaction.

About AEterna Zentaris Inc.

AEterna Zentaris Inc. is a global biopharmaceutical company focused on
endocrine therapy and oncology, with proven expertise in drug discovery,
development and commercialization. News releases and additional information
are available at www.aezsinc.com.

Forward-Looking Statements

This press release contains forward-looking statements made pursuant to the
safe harbor provisions of the U.S. Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties,
which could cause the Company's actual results to differ materially from those
in the forward-looking statements. Such risks and uncertainties include, among
others, the availability of funds and resources to pursue R&D projects, the
successful and timely completion of clinical studies, the ability of the
Company to take advantage of business opportunities in the pharmaceutical
industry, uncertainties related to the regulatory process and general changes
in economic conditions. Investors should consult the Company's quarterly and
annual filings with the Canadian and U.S. securities commissions for
additional information on risks and uncertainties relating to the
forward-looking statements. Investors are cautioned not to rely on these
forward-looking statements. The Company does not undertake to update these
forward-looking statements. We disclaim any obligation to update any such
factors or to publicly announce the result of any revisions to any of the
forward-looking statements contained herein to reflect future results, events
or developments except if we are requested by a governmental authority or
applicable law.
SOURCE AETERNA ZENTARIS INC.

Investor Relations: Ginette Vallieres, Investor Relations Coordinator, (418)
652-8525 ext. 265, gvallieres@aezsinc.com; Media Relations: Paul Burroughs,
Director of Communications, (418) 652-8525 ext. 406, pburroughs@aezsinc.com